The Islamic Development Bank is marketing five-year dollar sukuk at around 27 basis points above the average fixed and floating rate swaps, and the transaction size is expected to be $1.5 billion.

According to Arabia Net, the Islamic Development Bank has appointed Credit Agricole, First Abu Dhabi Bank, HSBC, the Islamic Corporation for the Development of the Private Sector, and JPMorgan , KFH Capital, Natixis, SMBC Nikko and Standard Chartered to issue the bonds.

The Islamic Development Bank is a multilateral development bank, working to improve the social and economic development of Muslim countries and societies around the world, and to make an impact at scale.

The bank is headquartered in Jeddah, Saudi Arabia, with headquarters in Morocco, Malaysia, Kazakhstan and Senegal, and brokerage offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria.

The Islamic Development Bank's operating assets exceed $16 billion, while its subscribed capital is $70 billion, according to data published on the bank's official website.

The Bank's activities focus on building partnerships between governments, the private sector and civil society through public-private partnerships, as well as adding value to the economies and societies of developing countries by increasing skills and knowledge sharing.

The Bank is also focusing on science, technology and innovation to find solutions to the world's biggest development challenges, by strengthening communication and financing, and focusing on the United Nations Sustainable Development Goals.